Accumulated surplus. As shown in Table 4, the AIDCP accounts reflect an accumulated surplus of US$ 1,754,153, as of 31 December 2017.
Accumulated surplus. As shown in Table 4, the AIDCP accounts reflect an accumulated surplus of US$ 2,072,689 as of 31 December 2018. 5 30% of this amount reflects the IATTC contribution 6 Covered 100% by AIDCP TABLE 4. Status of AIDCP funds at 31 December 2018 US$ Surplus at 31 December 20177 1,754,153 2018 surplus 318,536 Surplus at 31 December 2018 2,072,689 This surplus should be viewed with caution and in context. Although the vessel assessment rate has not been increased for over a decade, changes in the utilization of IATTC observers by vessels fishing in both the EPO and the western and central Pacific have resulted in an increase in revenue without a related increase in direct costs. The budget is prepared based upon the number of active vessels and a reasonable expectation of costs.
Accumulated surplus. Contemporaneous with the termination of the Security Deposit Agreement, the parties will act in good faith to operate under the terms of the existing financial agreements with an Accumulated Surplus of no more or less than $11,000,000. Effective as of the date of execution of an amendment to the definitive agreements incorporating the terms of this letter agreement, the Accumulated Surplus will be credited with interest by UnitedHealthcare at a rate and in a manner which is substantially similar to the interest crediting provisions contained in the Security Deposit Agreement as such agreement was in effect on March 1, 2005. If pursuant to a Quarterly Review or Annual Review, as applicable, the Accumulated Surplus is determined to be in excess of $11,000,000, commencing 15 days after such determination has been made, UnitedHealthcare will waive Administaff’s Claims Account funding obligations, if any, for a period and in an amount sufficient to cause the Accumulated Surplus to be no more than $11,000,000. If pursuant to a Quarterly Review or Annual Review, as applicable, the Accumulated Surplus is determined to be less than $11,000,000, within 15 days after such determination has been communicated in writing to Administaff, Administaff will pay an additional amount of premium to UnitedHealthcare in an amount sufficient to cause the Accumulated Surplus to be $11,000,000. The determination of the amount of the Accumulated Surplus for this purpose will be based on the revised Accumulated Surplus calculations for the calendar quarter immediately preceding the most recently completed calendar quarter that is the subject of such Quarterly Review or Annual Review, as applicable. The Accumulated Surplus calculation will not take into account any amount(s) reserved for *** coverage (and therefore the amount of the Accumulated Surplus will not be reduced by any amount(s) reserved for *** liability). Notwithstanding anything herein to the contrary, unless otherwise set forth in any subsequent amendment relating to this item C, the obligations for each party set forth in this paragraph will not commence until the Accumulated Surplus amount for the first Arrangement Quarter of 2005 has been determined (which determination is expected to occur on or about ***). The total amount of Administaff’s Claims Account funding obligations waived by UnitedHealthcare with respect to any Arrangement Quarter will be included as “claims paid” for purposes of section 2.a. of Exhibit A, ...
Accumulated surplus. As shown in Table 3, the AIDCP accounts reflect an accumulated surplus of US$ 2,430,809 as of 31 December 2021 TABLE 3. Status of AIDCP funds on 31 December 2021 US$ Surplus on 31 December 20206 2,388,086 2021 surplus 249,675 Total surplus available at 2021before allocation of National Program funds 2,637,761 Allocation of funds for National Programs7 (207,269) Surplus on 31 December 2021 2,430,492 This surplus should be viewed with caution and in context. Although the vessel assessment rate has not been increased for over a decade and the budget is prepared based upon the number of active vessels with a reasonable expectation of costs using historical data, mitigating circumstances such as changes in the utilization of IATTC observers by vessels fishing in both the EPO and the western and central Pacific and reduced trips due to unforeseen circumstances such as the COVID-19 pandemic affect the year-end balance.
Accumulated surplus. As shown in Table 3, the AIDCP accounts reflect an accumulated surplus of US$ 2,388,086 as of 31 December 2020.TABLE 3. Status of AIDCP funds on 31 December 2020 US$ Surplus on 31 December 20196 2,144,071 Allocation of funds for National Programs7 (207,269) 2020 surplus 451,284 Surplus on 31 December 2020 2,388,086 This surplus should be viewed with caution and in context. Although the vessel assessment rate has not been increased for over a decade, changes in the utilization of IATTC observers by vessels fishing in both the EPO and the western and central Pacific have resulted in an increase in revenue. Mitigating factors such as reduced trips due to unforeseen circumstances such as the 2020 COVID-19 pandemic in which observer days at sea were reduced from 2019 by approximately 3,800 days reflecting a financial impact on total costs of approximately US$ 209,000 (assuming a daily rate of US$ 55.00). The budget is prepared based upon the number of active vessels and a reasonable expectation of costs using historical data.
